MP Materials
MP Materials is America's only fully integrated rare earth producer, mining and refining materials at Mountain Pass, California and manufacturing NdFeB permanent magnets at its Independence facility in Fort Worth, Texas, serving defense, automotive, consumer electronics, and clean energy customers.
- Company typePublic
- Founded2017
- HeadquartersLas Vegas, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What MP Materials does
MP Materials is the only fully integrated rare earth producer in the Western Hemisphere, operating end-to-end from mining at Mountain Pass, California through refining, metallization, alloy production, and finished NdFeB permanent magnet manufacturing at its Independence facility in Fort Worth, Texas. The company produces rare earth concentrate, separated neodymium-praseodymium (NdPr) oxide, rare earth metals, NdFeB alloy flake via strip casting, and finished NdFeB magnets enhanced with grain boundary diffusion (GBD) for high-coercivity applications. It supplies customers in defense (U.S. Department of Defense under a 10-year $110/kg price floor and 100% magnet offtake agreement), automotive (General Motors for EV traction motors, deliveries since March 2025), consumer electronics (Apple under a $500M recycled-magnet partnership), clean energy, and robotics/automation.
The business model is direct enterprise sales through multi-year supply agreements rather than spot or distribution channels. Revenue streams span concentrate sales, separated NdPr oxide sales, finished NdFeB magnet sales, and recurring government price-protection payments when NdPr market prices fall below the $110/kg floor. The company is currently in a heavy investment phase, scaling downstream magnet capacity (10X campus in Northlake, Texas, commissioning 2028) and expanding geographically via a rare earth refinery joint venture with Saudi Arabian Mining Company (Maaden) and the U.S. Department of War. Headcount of 501–1,000 supports a workforce that is owner-operator in culture, with the founder-CEO James Litinsky having led MP since the 2017 restart of the dormant Mountain Pass site.
MP Materials firmographics
Firmographics- Name
- MP Materials
- Legal name
- MP Materials Corp.
- Website
- https://mpmaterials.com
- Company type
- Public
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- MP Materials is America's only fully integrated rare earth producer, mining and refining materials at Mountain Pass, California and manufacturing NdFeB permanent magnets at its Independence facility in Fort Worth, Texas, serving defense, automotive, consumer electronics, and clean energy customers.
- Ownership category
- akta.pro rank
MP Materials industry classification
Industry- Product category
- Rare Earth Materials & Permanent Magnets
- akta.pro primary industry
- Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG)
Keywords
Where MP Materials is headquartered
LocationHeadquarters
- HQ city
- Las Vegas
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
MP Materials business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D
Revenue model
- Rare Earth Concentrate Sales: Sale of rare earth concentrate from Mountain Pass mining operations, representing early-stage revenue from raw material extraction.
- Separated Rare Earth Oxides: Sale of refined NdPr oxide and other separated rare earth compounds from midstream processing operations at Mountain Pass.
- NdFeB Magnet Sales: Sale of finished neodymium-iron-boron permanent magnets from the Independence manufacturing facility in Texas. Growing revenue stream as magnet production scales.
- Price Protection Agreement Income: Government payments under price floor agreements with the U.S. Department of War when market prices fall below $110/kg for NdPr products.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Multi-year contract | NdPr Price Floor Agreement |
| Subscription | Multi-year contract | Long-term Supply Agreements |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels4 records
MP Materials product offering
Product offeringCore offering
MP Materials is America's only fully integrated rare earth producer, extracting and refining rare earth oxides from the Mountain Pass mine in California and manufacturing NdFeB permanent magnets at the Independence facility in Fort Worth, Texas. The company sells rare earth concentrate, separated NdPr oxide, NdFeB alloy flake, and finished permanent magnets to customers in defense, automotive, clean energy, robotics, and consumer electronics.
Product overview
MP Materials operates as America's only fully integrated rare earth producer with capabilities spanning the entire supply chain from mining to magnet manufacturing. The company operates two primary facilities: Mountain Pass in California (extraction, beneficiating, separation, and refining of rare earths into NdPr oxide and metals) and Independence in Fort Worth, Texas (downstream metallization, alloying, powder metallurgy, and NdFeB permanent magnet manufacturing). The product portfolio includes rare earth concentrate, separated NdPr oxide, rare earth metals, NdFeB alloy flake, and finished NdFeB permanent magnets. The company is also developing the 10X magnet manufacturing campus in Northlake, Texas and a refinery joint venture with Maaden in Saudi Arabia.
Differentiator
Problem solved
Functional benefit
Brands
- Independence: State-of-the-art rare earth magnet manufacturing facility located in Fort Worth, Texas. The 250,000-square-foot facility houses advanced manufacturing space, pilot and analytical laboratories, and offices for the Magnetics division.
Products and services
- Mountain Pass Mine and Processing Facility
Quantifiable outcome
- Record NdPr production of 917 metric tons in Q1 2026, up 63% year-over-year
- +3 more outcomes
Companies that use MP Materials
Customer profileNamed customers3 records
Segments5 records
Ideal customer profiles3 records
MP Materials technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
MP Materials partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- Saudi Arabian Mining Company (Maaden)coreJoint venture with U.S. Department of War to develop rare earth refinery in Saudi Arabia, expanding MP Materials' processing capabilities and establishing Middle East presence for rare earth processing.
- Applecore$500 million partnership to produce recycled rare earth magnets in the United States. Apple gains secure domestic supply chain for rare earth materials used in products, aligned with DFARS compliance requirements.
- General MotorscoreLong-term supply agreement to scale rare earth magnet sourcing and production in the U.S. for EV applications. GM receives domestically sourced magnets while MP gains a anchor customer. Deliveries began March 2025.
- Sumitomo CorporationminorDistribution partnership to strengthen rare earth supply to Japan, supporting Japanese industries' access to Mountain Pass production.
Scale indicators10 records
Recent moves6 records
Expansion highlights6 records
MP Materials competitors and assessment
Company assessmentDirect peers
- Lynas Rare Earths: Lynas is the largest non-China producer of separated rare earth materials, operating the Mt Weld mine in Australia and a separation facility in Malaysia. It is the closest direct competitor to MP Materials given its integrated mining-to-oxide model and overlapping customer base in defense, EV, and electronics.
- Neo Performance Materials: Neo operates rare earth processing and NdFeB magnet manufacturing facilities across Europe, Asia, and North America. It competes with MP directly in separated rare earth oxides and finished magnets for automotive, electronics, and industrial applications.
Emerging players
- USA Rare Earth: USA Rare Earth is developing a fully domestic U.S. rare earth and magnet supply chain centered on the Round Top deposit in Texas. It directly targets the same DFARS-driven demand pool MP is pursuing and is the subject of MP's 2026 trade secrets litigation.
- Energy Fuels: Energy Fuels produces rare earth oxides as a byproduct of its uranium operations in Utah and has expanded into NdPr separation. It supplies Monazite-derived rare earth feedstock and is positioning itself as a complementary midstream processor in the U.S. rare earth chain.
- Iluka Resources: Iluka is an Australian mineral sands producer building a rare earth refinery (Eneabba) to process monazite feedstock into separated rare earth oxides. It targets the same Western magnet supply chain diversification theme as MP.
- Arafura Resources: Arafura is developing the Nolans rare earth project in central Australia, focused on NdPr oxide production for the global magnet supply chain. It is an emerging competitor in the non-China NdPr market.
- Vulcan Elements: Vulcan Elements is a U.S.-based startup building domestic NdFeB magnet production capacity backed by DOD and private capital. It is one of several emerging U.S. magnet competitors seeking to participate in the same reshoring opportunity.
- HyProMag: HyProMag is developing recycled rare earth magnet production in the UK with backing from Mkango Resources. Its recycled magnet process parallels MP's Apple partnership recycling line and competes in the circular rare earth supply opportunity.
Broad incumbents
- China Northern Rare Earth Group: China Northern Rare Earth is a state-owned Chinese producer that controls a major share of light rare earth mining and processing. It is the dominant incumbent MP is explicitly seeking to displace through domestic Western supply.
- Shenghe Resources Holding: Shenghe is a major Chinese rare earth processor and NdFeB magnet producer with global operations. It represents the established, low-cost competitive benchmark MP must beat on unit economics outside of premium DFARS-driven demand.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
MP Materials social profiles
Digital presenceMP Materials compliance and trust
Trust signalCompliance2 records
MP Materials financial estimates
Financial estimateRevenue estimate
Valuation estimate
MP Materials leadership team
Management profileNumber of profiles
Profiles17 records
MP Materials subsidiaries and ownership
Company hierarchySubsidiaries1 record
MP Materials funding detail
Funding detailFunding overview
Funding rounds9 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MP Materials M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MP Materials
What does MP Materials do?
MP Materials is America's only fully integrated rare earth producer, extracting and refining rare earth oxides from the Mountain Pass mine in California and manufacturing NdFeB permanent magnets at the Independence facility in Fort Worth, Texas. The company sells rare earth concentrate, separated NdPr oxide, NdFeB alloy flake, and finished permanent magnets to customers in defense, automotive, clean energy, robotics, and consumer electronics.
Is MP Materials a public or private company?
MP Materials is a public company. It is classified as public and is currently operating.
When was MP Materials founded?
MP Materials was founded in 2017. It employs 501 to 1,000 people.
Where is MP Materials based?
MP Materials is headquartered in Las Vegas, United States, in the North America region.
How does MP Materials make money?
Four revenue lines are on record. Rare Earth Concentrate Sales are the primary driver. The others are separated Rare Earth Oxides, ndFeB Magnet Sales and price Protection Agreement Income.
Who are MP Materials's main competitors?
Direct peers on record are Lynas Rare Earths and Neo Performance Materials. Emerging players are USA Rare Earth, Energy Fuels, Iluka Resources, Arafura Resources, Vulcan Elements and HyProMag. Broad incumbents are China Northern Rare Earth Group and Shenghe Resources Holding.
Does MP Materials have an API?
No public API is recorded for MP Materials.
What industry is MP Materials in?
MP Materials's product category is Rare Earth Materials & Permanent Magnets. Its primary akta.pro industry code is IMAKAFAG, Rare Earths Mining & Concentrates (REE Ores).